Prenup trends for Millenials

On behalf of Lisa E. McKnight, P.C. posted in Divorce on Monday, December 5, 2016.

Although most Texas couples marry with the intent of staying together for good, divorce statistics demonstrate that a split is a significant possibility. Litigation can cost both parties a great deal of time, stress, and money. Some of these challenges could be minimized by pre-planning one's exit strategy through the use of a prenuptial agreement.

Statistics show that Millennials are increasingly using prenups as they marry. In fact, more than 60 percent of lawyers involved in a recent survey indicated that the greatest increase had occurred in the preceding three-year period. As many individuals wait until they are older to wed, there are often more assets to protect in case of divorce. There may be businesses or intellectual property to protect. Although the growth of a business might take place during an entrepreneur's marriage, the hard work needed to get the company started might precede the nuptials. Another important issue for many Millenials is potential inheritances, which could be considered marital property if comingled. By addressing this interest prior to tying the knot, such assets could be protected.

An interesting facet of some modern prenuptial agreements is the inclusion of a marriage counseling provision. Many couples are choosing to include a mandate for a minimum period of counseling before divorce proceedings can be initiated. In many cases, this allows difficulties to be discussed and worked out without divorce ever occurring. Although prenups have been viewed as planning to fail, the reality is that a prenup provides a plan for a well-defined exit strategy if a relationship dissolves.

An individual considering divorce might want to have their lawyer evaluate their prenuptial agreement before filing. In addition to reviewing the financial elements, a lawyer might also evaluate the validity of a prenup, especially if there is evidence of the agreement being signed under duress.

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The law firm of Lisa E. McKnight, P.C., in Dallas, Texas, serves clients throughout Greater Dallas, including Highland Park, University Park, Plano, Frisco, Denton, McKinney, Lakewood, Richardson, Coppell, Carrollton, Farmers Branch and Mesquite. We also serve residents of all cities and towns in Dallas County, Collin County, Denton County and Rockwall County.